PayPal announced its second quarter results on Thursday evening. They did well and exceeded forecasts by delivering revenues of $2.65bn above the $2.6bn forecast. The PayPal stock price has ticked up a bit in after hours trading.
But amongst the various announcements was news of a partnership with Visa in the US. You can read the press release here.
The deal with Visa means that the two companies will be collaborating closely on future developments. Specific benefits mean that it will be quicker and easier for users to move money from their PayPal account to their bank accounts using a Visa debit card. And it will also mean that PayPal digital wallet payments will be accepted at any outlets that accept Visa contactless payments.
PayPal CEO Dan Schulman says: “Giving consumers choice in how and where they pay is essential to our goal of being a customer champion and we welcome the opportunity to work with more partners like Visa who share our vision. This agreement opens new avenues for PayPal to collaborate with Visa, financial institutions, and others in the payments ecosystem to deliver greater value, more choice, and new experiences for our joint customers wherever they transact – online, in-app or in-store.”
Visa CEO Charlie Scarf says: “We are excited to begin a new chapter with PayPal. Our agreement provides a framework for our companies to work together collaboratively. PayPal has built industry leading capabilities which complement those of Visa and our clients, and working together, we will be able to deliver better solutions for consumers and merchants. At Visa, we are focused on growth by providing our issuer and acquirer clients – and their clients, merchants and consumers – with the best way to pay and be paid everywhere and this agreement supports this approach.”